I.  Useful Article:   

1.  [ Contribution by  CA Prabhat Kumar Lahoti, and contributor is available at email-id: prabhat89.hjk@gmail.com ]

Excel Formulas - A Valuable Material

(Please click here for detail)

 

II.  Useful Case laws:

1.    Gem Sanitary Appliances P. Ltd. Vs. CCIT, W.P. (C) Nos. 5621/2008 & 5649/2010, Date of Judgment: 07/02/2012, High Court of Delhi

Assessee filed Writ petitions against the order passed by Chief Commissioner for not allowing waiver interest under Section 234A, 234B and 234C of the Act.

Held that, the petitioner will be entitled to waiver of interest to the extent of 30% in two assessment years on the two grounds. Firstly, this is not mentioned in the impugned order passed by the Chief Commissioner of Income Tax dated 7th April, 2008. The impugned order has to be read and can be defended on the ground and reasons stated therein (Refer M.S. Gill versus Chief Election Commissioner, (1978) 1 SCC 405). Secondly that petitioner has been making payment to the respondents from time to time. The amounts paid, it appears have been adjusted first towards the interest due and then towards the principal amount.

(Please click here for judgment)

 

2.  Karan Raghav Exports Pvt. Ltd. Vs. CIT, ITA No. 1152/2011, Date of Judgment: 14/03/2012, High Court of Delhi

Whether the ITAT was justified in confirming penalty under Section 271(1)(c) of the Income Tax Act, 1961 on the ground that assessee has furnished inaccurate particulars of income for claiming depreciation on building.

Held that there is no finding recorded by assessing officer that any details supplied by the assessee in its return were found to be incorrect or erroneous or false. A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the return cannot amount to the inaccurate particulars.”

(Please click here for judgment)

 

III.  Today's Topline News:   

IV.  Tenders Info.: 

1. United Bank of India
   Application for Empanelment of Stock Auditors and Valuers
   Multi Locations - Multi States
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2. Government of Maharashtra
   Appointment of CAs Firms for Allotment of Statutory Audits
   Mumbai - Maharashtra
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